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PENSION, POST-RETIREMENT AND POST-EMPLOYMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Schedule of net periodic (benefit)/cost

The components of net periodic (benefit)/cost of the Domestic and Foreign Pension Plans and Domestic Post-Retirement Medical Benefits were as follows:

						Year Ended December 31,
						2022												2021												2020
(dollars in millions)						Domestic						Foreign						Domestic						Foreign						Domestic						Foreign
Pension and SERP Benefits
Service cost						$	—					$	0.8					$	—					$	0.7					$	—					$	0.7
Interest cost on the projected benefit obligation						6.3						0.3						5.9						0.2						7.2						0.3
Expected return on plan assets						(10.1)						(0.2)						(9.2)						(0.2)						(10.1)						(0.1)
Amortization of actuarial net (gain) loss						—						(0.1)						0.1						0.1						—						—
Plan curtailment						—						—						—						—						—						(0.1)
Plan settlement						—						—						—						0.1						0.1						(0.1)
Net periodic (benefit) cost						$	(3.8)					$	0.8					$	(3.2)					$	0.9					$	(2.8)					$	0.7
Post-retirement Medical Benefits
Interest cost on the projected benefit obligation						$	0.2											$	0.2											$	0.3
Net periodic cost						$	0.2											$	0.2											$	0.3

Schedule of assumptions used to determine the net periodic (benefit)/cost

The weighted average key assumptions used to determine the net periodic (benefit)/cost of the Domestic and Foreign Pension Plans and Domestic Post-Retirement Medical Benefits were as follows:

						Year Ended December 31,
						2022												2021												2020
						Domestic						Foreign						Domestic						Foreign						Domestic						Foreign
Pension and SERP Benefits
Discount rate						2.8%						1.2%						2.5%						0.7%						3.3%						1.0%
Rate of compensation increase						3.0%						2.9%						3.0%						2.7%						3.5%						3.1%
Interest crediting rate						5.3%						3.1%						5.3%						2.7%						5.3%						2.6%
Long-term rate of return on assets						4.8%						3.1%						4.2%						3.6%						5.1%						1.7%
Post-retirement Medical Benefits
Discount rate						2.9%												2.5%												3.2%

Weighted average key assumptions used to determine the benefit obligations in the actuarial valuations of the pension and post-retirement benefit liabilities were as follows:

						Pension and SERP Benefits																								Post-Retirement Medical Benefits
						2022												2021												2022									2021
						Domestic						Foreign						Domestic						Foreign						Domestic												Domestic
Discount rate						5.2%						3.5%						2.8%						1.2%						5.1%												2.9%
Rate of compensation increase						3.0%						3.2%						3.0%						2.9%						N/A												N/A
Interest crediting rate						5.3%						3.4%						5.3%						3.1%						N/A												N/A

(N/A) Not applicable.

Summary of changes in projected benefit obligations, fair value of plan assets, and funded status of plan

The following tables summarize changes in benefit obligation, plan assets and funded status of the Company’s plans:

						Pension and SERP Benefits																								Post-Retirement Medical Benefits
						2022												2021												2022									2021
(dollars in millions)						Domestic						Foreign						Domestic						Foreign						Domestic												Domestic
Change in Projected Benefit Obligation:
Beginning of period balance						$	227.3					$	25.5					$	238.4					$	26.1					$	7.7											$	8.5
Acquisitions						—						—						—						2.1						—												—
Service cost						—						0.8						—						0.7						—												—
Interest cost						6.3						0.3						5.9						0.2						0.2												0.2
Actuarial gain due to assumption change						(47.5)						(4.0)						(7.2)						(0.7)						(1.5)												(0.4)
Actuarial loss (gain) due to plan experience						0.9						(0.4)						1.0						0.7						(0.1)												(0.2)
Benefits and expenses paid						(11.8)						(0.7)						(10.8)						(0.7)						(0.4)												(0.4)
Settlement						—						(0.4)						—						(1.4)						—												—
Foreign currency translation						—						(1.7)						—						(1.5)						—												—
End of period balance						$	175.2					$	19.4					$	227.3					$	25.5					$	5.9											$	7.7
Change in Plan Assets:
Beginning of period balance						$	219.2					$	4.5					$	224.2					$	4.6					$	—											$	—
Acquisitions						—						—						—						0.2						—												—
Actual return on plan assets, net of expenses						(49.1)						—						5.2						0.4						—												—
Employer contributions						0.4						1.8						0.6						1.5						0.4												0.4
Benefits paid						(11.8)						(0.7)						(10.8)						(0.7)						(0.4)												(0.4)
Settlement						—						(0.4)						—						(1.4)						—												—
Foreign currency translation						—						(0.3)						—						(0.1)						—												—
End of period balance						$	158.7					$	4.9					$	219.2					$	4.5					$	—											$	—
Funded Status
Funded status of plan						$	(16.5)					$	(14.5)					$	(8.1)					$	(21.0)					$	(5.9)											$	(7.7)
Supplemental Information:
Accumulated benefit obligation						$	175.2					$	17.2					$	227.3					$	22.5					$	5.9											$	7.7
Plans with Accumulated Benefit Obligation in excess of Plan Assets:
Accumulated benefit obligation						$	175.2					$	15.3					$	227.3					$	22.1					$	5.9											$	7.7
Fair value plan assets						$	158.7					$	2.5					$	219.2					$	3.6					$	—											$	—
Plans with Projected Benefit Obligation in excess of Plan Assets:
Projected benefit obligation						$	175.2					$	19.0					$	227.3					$	25.3					$	5.9											$	7.7
Fair value plan assets						$	158.7					$	4.3					$	219.2					$	3.9					$	—											$	—

Schedule of amounts recognized in balance sheet

Amounts recognized in the Consolidated Balance Sheets and "Accumulated other comprehensive loss" consist of the following:

			Pension and SERP Benefits																								Post-Retirement Medical Benefits
			2022												2021												2022									2021
(dollars in millions)			Domestic						Foreign						Domestic						Foreign						Domestic												Domestic
Balance Sheet
Accrued expenses and other current liabilities			$	0.6					$	0.9					$	0.9					$	0.9					$	0.5											$	0.5
Pension and post-retirement benefits			15.9						13.6						7.2						20.1						5.4												7.2
Accumulated Other Comprehensive Loss
Net actuarial (loss) gain			$	(13.1)					$	2.5					$	(0.5)					$	(1.7)					$	(2.1)											$	0.6

Schedule of amounts recognized in other comprehensive loss

Amounts recognized in the Consolidated Balance Sheets and "Accumulated other comprehensive loss" consist of the following:

			Pension and SERP Benefits																								Post-Retirement Medical Benefits
			2022												2021												2022									2021
(dollars in millions)			Domestic						Foreign						Domestic						Foreign						Domestic												Domestic
Balance Sheet
Accrued expenses and other current liabilities			$	0.6					$	0.9					$	0.9					$	0.9					$	0.5											$	0.5
Pension and post-retirement benefits			15.9						13.6						7.2						20.1						5.4												7.2
Accumulated Other Comprehensive Loss
Net actuarial (loss) gain			$	(13.1)					$	2.5					$	(0.5)					$	(1.7)					$	(2.1)											$	0.6

Schedule of allocation of plan assets

The following table presents the fair value of plan assets:

												December 31,
(dollars in millions)						Classification						2022						2021
Asset Category
Derivatives						Level 2						$	(0.8)					$	4.9
Exchange-traded funds holding domestic securities						Level 1						10.7						—
Foreign bonds						Level 2						1.9						1.9
Mutual funds holding U.S. Treasury securities						Level 1						22.2						26.0
Mutual funds holding fixed income securities						Level 1						15.4						20.1
U.S. Treasury bonds						Level 2						37.4						51.7
Cash and cash equivalents						Level 1						5.8						6.1
Sub-Total												92.6						110.7
Assets using net asset value (or NAV) as a practical expedient												71.0						113.0
Total												$	163.6					$	223.7

Schedule of expected future benefit payments

At December 31, 2022, expected future benefit payments related to the Company’s defined benefit plans were as follows:

						Pension and SERP Benefits												Post-Retirement Medical Benefits						Total
(dollars in millions)						Domestic						Foreign
2023						$	12.9					$	1.2					$	0.4					$	14.5
2024						13.0						1.4						0.5						14.9
2025						13.3						1.2						0.5						15.0
2026						13.1						1.3						0.5						14.9
2027						13.4						1.3						0.5						15.2
Subsequent five years						64.3						8.6						2.1						75.0
Total						$	130.0					$	15.0					$	4.5					$	149.5

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